WITAXLADY Posted April 13, 2017 Report Share Posted April 13, 2017 A - so client got audited - owes me $$$ - thru feecollect can get my $$ and his for 2016- but audit came thru totally rejected - more on that... have 15 days to respond - so if I file - can he get this thru and his $$ in time before the return gets attached? B - Audit - raced, got hurt, now son races - since 4 years, now 16 so became a business as winning - top 5 in country, has sponsors, earning $$'s, repairs engines, does other paint work, etc, sells oils and etc.. 2 years = neg, 3rd year , neg but more income, denied as he is having fun with son, not a business. Showed all 9 points why he qualified as business not hobby this is 4th year and $15,000 in this neck of the woods is not a hobby!! next year he should show a profit (will regardless! ) but has shown why and growth to substantiate... C - received an online seminar on just this topic - is it worth the $$ - last one I "attended" was not! I could have done a better job... Thank you all and Hallelujah! Hoppy Easter. flood me with your wonderful advice - after the 18th is fine. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted April 13, 2017 Report Share Posted April 13, 2017 Not clear what your question is. Sounds like you are wondering if it is okay to file the 2016 and claim the activity as a business while the activity has been reclassified as a hobby during audit of previous years? Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted April 13, 2017 Author Report Share Posted April 13, 2017 actually asking if the refund will get held up, or filed before finalized only the first persons opinion it is a hobby! talking to her and then on to appeals - he satisfies 8/9 points on business vs hobby 2 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted April 13, 2017 Report Share Posted April 13, 2017 what online seminar did you take. I have an audit and the agent thinks it's a hobby. Quote Link to comment Share on other sites More sharing options...
Max W Posted April 13, 2017 Report Share Posted April 13, 2017 The audit shouldn't affect the the refund. The assessment will not be finalized until after the appeal process is exhausted and then it might take additional time before it goes into collections. 1 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted April 14, 2017 Author Report Share Posted April 14, 2017 well that is not my case here - that gives me hope - - I have one in appeals and they took her state as well maybe I missed a step or it is further than I thought - Tax advocate has it also... I will go quick file another one! 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.